Israel finds oil and gas; U.S. Department of Commerce is organizing and leading a trade mission in October
Israel finding huge gas and oil reserves off the coast of Tel Aviv apparently has captured the interest of many.
The discoveries have been found just northwest off the coast of Tel Aviv according to Globes, an Israeli business website, and the license holders are Modiin and Adira. Involved are the Gabriella and Yitzhak sites which promise about 232.2 million barrels of oil. The two sites also have an estimated 1.8 trillion cubic feet of natural gas. Adira is a Canadian company, owning 30% of the Gabriella license and 85% of Yitzhak. Modiin is controlled by Tzahi Sultan and Nochi Dankner, through IDB Holding Corp. Ltd., and they own 70% of the Gabriella site.
Drilling at Gabriella is scheduled to begin soon Sultan said and a budget is being worked on now. “… during 2013, we’ll have more figures about the production rates, and a precise figure on the size of the reservoir.” Sultan believes it will take maybe five years for the first oil well to produce.
Adira CEO Jeffrey Walter seems ecstatic and remembers when he mentioned the idea. “I came to find oil and gas and was laughed at. I was told that there is no oil here. They were wrong.”
Various agencies of the U.S. government seem just as excited at the discoveries. The Federal Register shows that there will be an October mission trip to Israel. Involved will be the Department of Commerce (DOC), International Trade Administration (ITA), U.S. and Foreign Commercial Service (CS), it will be led by a Senior Commerce Department official. Their stated purpose is to introduce U.S. firms to Israel’s rapidly expanding oil and gas market and to assist U.S. companies pursuing export opportunities in this sector. The mission to Israel is intended to include representatives from leading U.S. companies as well.